Tyler Shultz

Omada Health, which went public three months ago, just released promising results: more than 60% of its members maintained weight loss after discontinuing GLP-1 therapy. I wrote down a few thoughts. 1️⃣ 𝐔𝐧𝐭𝐢𝐥 𝐫𝐞𝐜𝐞𝐧𝐭𝐥𝐲, 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡 𝐈𝐏𝐎𝐬 𝐰𝐞𝐫𝐞 𝐚 𝐛𝐥𝐨𝐨𝐝𝐛𝐚𝐭𝐡 Over 90% of HealthTech companies (including TechBio) that went public have significantly underperformed. Halle Tecco analyzed 23 digital health SPACs (around 40% of all HealthTech public listings went through SPACs). Her findings: ▪️30% declared bankruptcy ▪️26% were acquired at steep losses ▪️90% of those still trading have lost double-digit value since debut But now, it seems this dynamic may finally be shifting. 2️⃣ 𝐓𝐞𝐦𝐩𝐮𝐬, 𝐖𝐚𝐲𝐬𝐭𝐚𝐫, 𝐇𝐢𝐧𝐠𝐞, 𝐎𝐦𝐚𝐝𝐚 = 𝐫𝐞𝐚𝐥 𝐮𝐧𝐢𝐜𝐨𝐫𝐧𝐬 As of September 9, 2025, their market capitalizations were: Tempus AI = $14B Waystar = $7B Hinge Health = $4.5B Omada Health = $1.4B For comparison: Philips, the leading MedTech, has a market cap of $23B. Tempus is going straight after Philips. 3️⃣ 𝐁𝐞𝐜𝐨𝐦𝐢𝐧𝐠 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬 Last year, Hinge Health launched its Strategic Solutions Alliance, which now includes 13 partners whose solutions can be distributed directly to Hinge Health’s member base. This is a more generic pattern: once a HealthTech has gained a strong installed base through its point solution, it becomes a curated marketplace. 4️⃣ 𝐓𝐞𝐦𝐩𝐮𝐬 𝐢𝐬 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐜𝐚𝐫𝐞 𝐢𝐧 𝐨𝐧𝐜𝐨𝐥𝐨𝐠𝐲 𝐚𝐧𝐝 𝐛𝐞𝐲𝐨𝐧𝐝 Tempus AI secured the first AI-only CPT reimbursement code in the US (October 2024). It also acquired Page AI, a leader in digital pathology. After oncology, Tempus aims to expand into cardiology, neurology, and psychiatry. 5️⃣ 𝐁𝐞𝐲𝐨𝐧𝐝 𝐈𝐏𝐎𝐬: 𝐬𝐭𝐫𝐨𝐧𝐠 𝐌&𝐀 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲, 𝐞𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐢𝐧 𝐧𝐨𝐧-𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 HealthEdge, a CareOps player, was acquired by Bain Capital for $2.6B (May 2025) Arcadia, a #healthcare analytics company, was acquired by Nordic Capital for an undisclosed sum (June 2025) Iodine Software (AI-powered healthcare payments) was acquired by Waystar (July 2025) Some HealthTech companies are now mature enough for private equity, while winners like Waystar are consolidating the market. 6️⃣ 𝐄𝐮𝐫𝐨𝐩𝐞 = 𝟎 𝐈𝐏𝐎 While the US (and China) already count dozens of HealthTech #IPOs, Europe has had none. Doctolib could be the first next year… or perhaps Alan. --------- This analysis was made possible by the HealthTech Alpha platform from Galen Growth | Redefining Digital Health Intelligence. Join the Healthcare Business International conference in March 2026 in Paris for more M&A in Healthcare Innovation discussions! Follow HGM Advisory for daily reposts of the most relevant #HealthTech news.

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Health tech's last five years laid its foundation; the next five will change the game entirely. We at Define Ventures took a hard look at our sector because we wanted to dive into the real story. Whether we looked at venture funding, relative sector performance, public market trends, or M&A, we found that health tech has performed quite well over its early years in light of the evolution and change during our recent history. And more importantly, that the next wave of companies defining it are doing so in unprecedented fashion: * They’re scaling faster. Companies expected to pursue liquidity events over the coming years are reaching 2-3x the revenue scale of previous exits. * They’re building more efficiently. AI and automation are making commercialization faster and less capital​ intensive * They’re meeting a more receptive buyer market. Payers, providers, employers​, and pharma are more equipped to adopt new solutions than they were even five years ago ​ We believe this is a defining moment for ​h​ealth tech. The companies emerging today won’t just digitize healthcare— they ​w​ill fundamentally rethink how care is delivered, paid for, and experienced. Our latest report unpacks what this means for founders, investors, and the healthcare ecosystem at large:

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Who’s really building the next generation of $1B+ healthcare companies? At SignalFire, we’ve always believed that founder DNA is the strongest signal of future outcomes. In Health & PharmaTech, where complexity, regulation, and distribution hurdles are the norm, that’s especially true. We turned to Beacon, our proprietary data engine tracking 650M+ professionals, to analyze 300+ HealthTech unicorn founders across the country. Here’s what the data showed: - 70% had 10+ years of experience. Execution and trust matter more than hype here - Nearly half came from outside healthcare, bringing fresh playbooks into a legacy industry - 80% had co-founders. HealthTech usually isn’t a solo game - San Francisco had 5x more unicorn founders than Boston, suggesting the center of gravity for HealthTech is shifting west - And the most scalable companies were led by so-called "Centaur Teams" combining GenAI talent with experienced GTM leaders We’re in the early innings of a historic transformation. With healthcare finally digitized and AI infrastructure in place, we’re seeing the rise of a new wave of #HealthTech unicorns that are faster, leaner, and more multidisciplinary than ever before. In this new report (in partnership with Fierce Healthcare), we break down: 📍 Which U.S. cities have become the new HealthTech hubs 📍 What the new HealthTech founder archetype looks like 📍 Why M&A has overtaken IPOs in this sector 📍 How Centaur Teams are scaling startups into decacorns If you’re an investor, operator, or founder in this space, this is your field guide to what’s next. (Link to full report in comments.)

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What Our Top Performing Investments at SpringTide Ventures Have in Common Our most transformative healthcare startups, including PathologyWatch, OpenLoop, IgniteData, and Tava Health, all share three traits in common: 1. Cheetah CEOs These CEOs are exceptional at: ✅ Speed without chaos. They move fast—but never at the expense of execution. ✅ Hiring with precision. They don’t just hire for skills; they hire for speed and alignment. ✅ Betting bold. They go where legacy players have overcomplicated things for decades—and they simplify. They don’t wait. They don’t overthink. They act and embrace the process of failing quickly, often, and cheaply. They learn from these failures to iterate at rapid speed and quickly orient their way to the north star of success more nimbly than others. 2. No Unpaid Pilots The single biggest trap in healthcare venturing may well be the unpaid pilot. It’s a slow death. Months—sometimes years—of proving your value with nothing to show for it. The best founders? They refuse. They find a way to generate real revenue immediately. They structure deals that prove their worth—without giving away their product for free. They don’t waste time on handshakes that lead nowhere. 3. Integrated Solutions Win Point solutions don’t win in healthcare anymore. The best startups don’t just build products. They build systems. They understand the bigger picture—the way everything connects. They integrate seamlessly into existing workflows instead of fighting them. They don’t just add value—they make their solution the only viable choice. This integration often comes with lower margins in the early years of finding and building out product Market fit, but we gladly accept lower margins for such ambitious visions. Healthcare is brutal. Most startups don’t make it. But the bestredefine their categories. They’re led by Cheetah CEOs like Daniel Lambert, Jon Lensing, Zach Taft, MBA, and Dallen Allred—founders who execute relentlessly, think in integrated solutions, and get to real revenue fast.

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